Lyric discussion by ha72ex 

Cover art for The Cutter lyrics by Echo and the Bunnymen

Ok, here is the actual significance of "spare us the cutter". It is a reference to the film Clockwork Orange. In the film, a tramp asks the main character Alex "can you spare some cutter, me brother". He was begging and "cutter" means "money" in the "nadsat" slang used throughout the movie.

I don't know what the song is about, that is DEFINATELY the origin of "spare us the cutter".